This is another late post on an SEC trading suspension of a promoted stock. My apologies for that. ARX Gold was most recently promoted back in April 2013. Amusingly, penny stock pump and dump shill analyst Ron Goldman gave the company a $0.30 price target back then. For the record in case he removes the report from his website, here is a copy of Goldman’s report (pdf) on DUCP. Goldman was paid $8,000 to write the report on DUCP. The company was promoted by numerous F-list stock promoters back in April besides Goldman.
Unlike with most trading suspensions, the SEC was quite detailed in explaining why it suspended trading in DUCP:
The Commission temporarily suspended trading in the securities of ARX Gold because of questions regarding the authorship of, and accuracy of information contained in, an exhibit, dated June 15, 2012 and entitled “Feasibility Study ARX Springs & ARX Pacific Properties For Mining Project Located in Wide Bay Burnett Region, Queensland, Australia,” to ARX Gold’s Form 10-K filed on September 4, 2013 and an exhibit, dated May 7, 2012 and entitled “Definitive Feasibility Study on the ARX Springs and ARX Pacific Properties located in Wide Bay Burnett Region, Queensland, Australia,” to its Form 8-K filed on May 30, 2012. On October 3, 2013, ARX Gold filed an amended Form 10-K purporting “to delete an exhibit which
was erroneously filed” with the 10-K filed on September 4, 2013 (emphasis added) without explicitly identifying or explaining that the Feasibility Study was the exhibit it sought to delete. ARX Gold has not amended its May 2012 Form 8-K and its October 2013 amendment to the Form 10-K does not disclaim the purported facts described in the earlier Feasibility Study filed with the Commission.
SEC trading suspension release (pdf)
SEC trading suspension order (pdf)
Disclaimer: I have no position in any stock mentioned and I have no relationship with any parties mentioned above. This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.